In this March 6, 2007 file photo, Topps baseball cards are seen in Boston. Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing. Topps Co. said Tuesday, April 6, 2021, that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. (AP Photo/Chitose Suzuki, file)
By Michelle Chapman
Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing.
Topps Co. said Tuesday that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. Other investors include GAMCO Investors and Wells Capital Management.
Former Disney CEO Michael Eisner will continue as Topps chairman. His firm, The Tornante Co., which bought Topps in 2007, will roll all of its equity into the new public company, which will keep the name Topps.
The combined company will be led by Michael Brandstaedter, president and CEO of Topps.
The news follows a spate of similar SPAC deals, including WeWork less than two weeks ago.
Topps, which sells trading cards, stickers and albums and trading card games, has numerous sports partners, including Major League Baseball, Major League Soccer, UEFA, Bundesliga, the National Hockey League and Formula 1. It also has deals with Disney and World Wresting Entertainment. The 80-year-old company had sales of $567 million last year.
The deal is expected to close late in the second or early in the third quarter, subject to approval from Mudrick shareholders. It will remain listed on the Nasdaq but will have the new ticker symbol, “TOPP."
Movie studios are comfortable digging through comic bins for hot new intellectual property, but they are not comfortable returning the favor and sharing th
Chris Versace, CIO at Tematica Research and portfolio manager for TheStreet Pro, joins from the NYSE to break down the Fed’s latest move and Big Tech’s earnings
Sabrina Siddiqui, National Politics Reporter at The Wall Street Journal, joins to break down the SNAP funding delays and the human cost of the ongoing shutdown.
AI is reshaping investigations. Longeye CEO Guillaume Delepine shares how their AI workspace empowers law enforcement to uncover insights faster and smarter.
Stephen Kates, Financial Analyst at Bankrate, joins to discuss the Fed’s 25-basis-point rate cut, inflation risks, and what it all means for consumers and marke
Big tech earnings take center stage as investors digest results from Alphabet, Meta, Microsoft, Amazon, and Apple, with insights from Gil Luria of D.A. Davidson
